Morgan Stanley Joins Goldman, Posts Robust Trading Results. But Bank Stocks Don’t Care

Morgan Stanley rounded out a mixed week of big bank earnings Thursday with a set of what looked to be solid results. Although Morgan's traders didn't quite manage to match Goldman's 49% YoY FICC performance, FICC revenue was up 35% YoY in the third quarter, to $1.92 billion. That is well ahead of the $1.7 billion the market expected. The bank's characteristically spartan press release cites an "active primary market," an amusing understatement. In equities, revenues were up 14% from a year ago
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